T – ACCOUNT

LIABILITIES
ASSETS OWNER'S EQUITY
Liability Account
Asset Accounts Owner's Capital Account
Debit for Debit for Credit for
decreases (-) increases (+) Debit for Credit for
increases Credit for = + decreases (-) increases (+)
(+) decreases (-) Balance
Balance
Balance

(-) Owner's Drawing Account

Income Statement Accounts
Debit for
(+) Revenue Accounts
increases Credit for
(+) decreases (-) Debit for Credit for
Balance decreases (-) increases (+)
Balance

(-) Expense Account

Debit for
increases Credit for
(+) decreases (-)
Balance